PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA (Updated June 30, 2023)

PPP Loan Data — Scheck Mechanical Corp, Westmont, IL

ALERT: There are 2 PPP loans for a total of $11.44M in our database for businesses with the name "Scheck Mechanical Corp" in Westmont, IL. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Scheck Mechanical Corp
IL

Scheck Mechanical Corp

Entity: Subchapter S Corporation

Industry: Plumbing, Heating, and Air-Conditioning Contractors

Location: Westmont, IL

Search All PPP Data

Scheck Mechanical Corp is a subchapter s corporation located at 1 E Oakhill Dr Ste 100 in Westmont, Illinois that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.

$ PPP Loan Information
Loan #2862688401

Loan Size:

$2M

Jobs Retained:

147

Loan Approved:

2021-02-04

Loan Status:

Paid in Full or Forgiven

Lender:

Wheaton Bank & Trust Company, National Association

Scheck Mechanical Corp in Westmont, IL received a Paycheck Protection Loan of $2M through Wheaton Bank & Trust Company, National Association, which was approved in February, 2021.

This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in April, 2022.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

Based on the standard PPP eligibility formula, it may be possible to estimate the payroll expenses represented by a company on their PPP application (see details above). In order to qualify for the PPP loan amount received, Scheck Mechanical Corp's 2019 payroll expenses are estimated to be at least $9.6M.

Based on their reported 147 jobs retained, this equals an estimated average yearly compensation of $65,306 per employee1

Reported PPP Proceed Usage:

On the PPP application, Scheck Mechanical Corp reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,999,998
  • Utilities: $1
Because the loan received by Scheck Mechanical Corp is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Scheck Mechanical Corp in Westmont, IL

Scheck Mechanical Corp
1 E Oakhill Dr Ste 100
Westmont, IL 60559

Business Industry:
Plumbing, Heating, and Air-Conditioning Contractors
NAICS code 238220

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Dupage County, IL — SBA Office 0507 — Congressional District: IL-06

Similar Companies near Westmont

In the Westmont area, 21 businesses in the "Plumbing, Heating, and Air-Conditioning Contractors" industry received a PPP loan. These local businesses reported an average of 22 employees (compared to this company's 147) and received an average PPP loan of $598,587 (compared to this company's $2M).

Industry PPP Comparison Statistics

Nationwide, 103,846 businesses in the "Plumbing, Heating, and Air-Conditioning Contractors" industry received a total of $13.03B in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.

PPP recipients in this industry report an average of 10 employees, 93% lower than Scheck Mechanical Corp's reported 147 employees, and received an average PPP loan of $125,450, 94% lower than this company's loan of $2M.

SBA PPP loan data, payroll data, and salaries for Scheck Mechanical Corp
IL

Scheck Mechanical Corp

Entity: Subchapter S Corporation

Industry: Plumbing, Heating, and Air-Conditioning Contractors

Location: Westmont, IL

Search All PPP Data

Scheck Mechanical Corp is a subchapter s corporation located at 1 East Oak Hill Dr., Ste. 100 in Westmont, Illinois that received a Coronavirus-related PPP loan from the SBA of $9,440,900.00 in April, 2020.

$ PPP Loan Information
Loan #5532537004

Loan Size:

$9.44M

Jobs Retained:

232

Loan Approved:

2020-04-05

Loan Status:

Paid in Full or Forgiven

Lender:

Wheaton Bank & Trust Company, National Association
Likely Employment Reduction3

Scheck Mechanical Corp in Westmont, IL received a Paycheck Protection Loan of $9.44M through Wheaton Bank & Trust Company, National Association, which was approved in April, 2020.

This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in July, 2021.

The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 232 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.

The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 453. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

Based on the standard PPP eligibility formula, it may be possible to estimate the payroll expenses represented by a company on their PPP application (see details above). In order to qualify for the PPP loan amount received, Scheck Mechanical Corp's 2019 payroll expenses are estimated to be at least $45.32M (not accounting for salary amounts > $100k).

Because the 232 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.

Reported PPP Proceed Usage:

On the PPP application, Scheck Mechanical Corp reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $7,080,675
  • Utilities: $1,180,113
  • Rent: $1,180,113
Because the loan received by Scheck Mechanical Corp is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Scheck Mechanical Corp in Westmont, IL

Scheck Mechanical Corp
1 East Oak Hill Dr., Ste. 100
Westmont, IL 60559

Business Industry:
Plumbing, Heating, and Air-Conditioning Contractors
NAICS code 238220

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Dupage County, IL — SBA Office 0507 — Congressional District: IL-06

Similar Companies near Westmont

In the Westmont area, 21 businesses in the "Plumbing, Heating, and Air-Conditioning Contractors" industry received a PPP loan. These local businesses reported an average of 22 employees (compared to this company's 232) and received an average PPP loan of $598,587 (compared to this company's $9.44M).

Industry PPP Comparison Statistics

Nationwide, 103,846 businesses in the "Plumbing, Heating, and Air-Conditioning Contractors" industry received a total of $13.03B in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.

PPP recipients in this industry report an average of 10 employees, 96% lower than Scheck Mechanical Corp's reported 232 employees, and received an average PPP loan of $125,450, 99% lower than this company's loan of $9.44M.

FederalPay's PPP Information Policy

Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.

All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Estimations for informational purposes only. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.

2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.

3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.


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Source: www.federalpay.org/paycheck-protection-program/scheck-mechanical-corp-westmont-il